Joseph Charles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03734003 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Joseph Charles Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Amico

REGISTERED OFFICE:

Berkeley House

Amery Street

Alton

Hampshire

GU341HN

REGISTERED NUMBER:

03734003 (England and Wales)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

55

769

Tangible assets

5

7,082

14,341

7,137

15,110

CURRENT ASSETS

Stocks

1,954

1,974

Debtors

6

16,096

16,437

Cash at bank and in hand

64,835

82,571

82,885

100,982

CREDITORS

Amounts falling due within one year

7

33,192

58,827

NET CURRENT ASSETS

49,693

42,155

TOTAL ASSETS LESS CURRENT LIABILITIES

56,830

57,265

PROVISIONS FOR LIABILITIES

1,159

2,554

NET ASSETS

55,671

54,711

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

55,669

54,709

SHAREHOLDERS' FUNDS

55,671

54,711

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2020 and were signed by:

J Amico - Director

1.	STATUTORY INFORMATION

Joseph Charles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise Costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

Costs

£

COST

At 1 April 2019

and 31 March 2020

4,538

AMORTISATION

At 1 April 2019

3,769

Amortisation for year

714

At 31 March 2020

4,483

NET BOOK VALUE

At 31 March 2020

55

At 31 March 2019

769

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

47,646

2,699

50,345

Additions

2,336

1,320

3,656

At 31 March 2020

49,982

4,019

54,001

DEPRECIATION

At 1 April 2019

34,730

1,274

36,004

Charge for year

9,685

1,230

10,915

At 31 March 2020

44,415

2,504

46,919

NET BOOK VALUE

At 31 March 2020

5,567

1,515

7,082

At 31 March 2019

12,916

1,425

14,341

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Other debtors

16,096

16,437

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

-

10,000

Trade creditors

5,047

12,347

Taxation and social security

23,515

26,091

Other creditors

4,630

10,389

33,192

58,827

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.20

31.3.19

£

£

Within one year

21,400

20,000

Between one and five years

80,000

80,000

In more than five years

202,800

223,000

304,200

323,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank loans

-

10,000

The bank overdraft and loan is secured by a standard bank debenture and a director's personal guarantee.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

2

Ordinary

£1

2

2

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

J Amico

Balance outstanding at start of year

(297

)

(297

)

Amounts advanced

19,590

30,000

Amounts repaid

(15,562

)

(30,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,731

(297

)

At the year end, the director owed the company £3,731 (2019: the company owed the director £297).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is J Amico.